FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended June 30, 1994 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ---------- to ---------- Commission File No. 1-2217 The Coca-Cola Company (Exact name of Registrant as specified in its Charter) Delaware 58-0628465 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) One Coca-Cola Plaza, N.W. 30313 Atlanta, Georgia (Zip Code) (Address of principal executive offices) Registrant's telephone number, including area code (404) 676-2121 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes X No ------- ------- Indicate the number of shares outstanding of each of the Registrant's classes of Common Stock as of the latest practicable date. Class of Common Stock Outstanding at July 29, 1994 --------------------- ----------------------- $.25 Par Value 1,289,719,361 Shares THE COCA-COLA COMPANY AND SUBSIDIARIES INDEX Part I. Financial Information Item 1. Financial Statements (Unaudited) Page Number Condensed Consolidated Balance Sheets June 30, 1994 and December 31, 1993 3 Condensed Consolidated Statements of Income Three and six months ended June 30, 1994 and 1993 5 Condensed Consolidated Statements of Cash Flows Six months ended June 30, 1994 and 1993 6 Notes to Condensed Consolidated Financial Statements 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 11 Part II. Other Information Item 6. Exhibits and Reports on Form 8-K 15 Part I. Financial Information Item 1. Financial Statements (Unaudited) THE COCA-COLA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In millions except share data) ASSETS
June 30, December 31, 1994 1993 ----------- ----------- CURRENT Cash and cash equivalents $ 1,221 $ 998 Marketable securities 135 80 ----------- ----------- 1,356 1,078 Trade accounts receivable, less allowances of $33 at June 30 and $39 at December 31 1,494 1,210 Finance subsidiary receivables 40 33 Inventories 1,166 1,049 Prepaid expenses and other assets 1,237 1,064 ----------- ----------- TOTAL CURRENT ASSETS 5,293 4,434 ----------- ----------- INVESTMENTS AND OTHER ASSETS Equity method investments Coca-Cola Enterprises Inc. 510 498 Coca-Cola Amatil Limited 656 592 Other affiliated businesses 1,032 1,037 Cost method investments in affiliated businesses 196 88 Finance subsidiary receivables 270 226 Marketable securities and other assets 891 868 ----------- ----------- 3,555 3,309 ----------- ----------- PROPERTY, PLANT AND EQUIPMENT Land 215 197 Buildings and improvements 1,779 1,616 Machinery and equipment 3,631 3,380 Containers 402 403 ----------- ----------- 6,027 5,596 Less allowances for depreciation 2,042 1,867 ----------- ----------- 3,985 3,729 ----------- ----------- GOODWILL AND OTHER INTANGIBLE ASSETS 568 549 ----------- ----------- $ 13,401 $ 12,021 =========== ===========
THE COCA-COLA COMPANY AND SUBSIDIARIES LIABILITIES AND SHARE-OWNERS' EQUITY
June 30, December 31, 1994 1993 ----------- ----------- CURRENT Accounts payable and accrued expenses $ 2,496 $ 2,217 Loans and notes payable 1,721 1,409 Finance subsidiary notes payable 274 244 Current maturities of long-term debt 6 19 Accrued taxes 1,341 1,282 ----------- ----------- TOTAL CURRENT LIABILITIES 5,838 5,171 ----------- ----------- LONG-TERM DEBT 1,471 1,428 ----------- ----------- OTHER LIABILITIES 743 725 ----------- ----------- DEFERRED INCOME TAXES 133 113 ----------- ----------- SHARE-OWNERS' EQUITY Common stock, $.25 par value - Authorized: 2,800,000,000 shares Issued: 1,705,771,998 shares at June 30; 1,703,526,299 shares at December 31 426 426 Capital surplus 1,132 1,086 Reinvested earnings 10,231 9,458 Unearned compensation related to outstanding restricted stock (78) (85) Foreign currency translation adjustment (269) (420) Unrealized gain on securities available-for-sale 56 -- ----------- ----------- 11,498 10,465 Less treasury stock, at cost (415,868,011 common shares at June 30; 406,072,817 common shares at December 31) 6,282 5,881 ----------- ----------- 5,216 4,584 ----------- ----------- $ 13,401 $ 12,021 =========== =========== See Notes to Condensed Consolidated Financial Statements.
THE COCA-COLA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In millions except per share data)
Three Months Ended June 30, Six Months Ended June 30, -------------------------- ------------------------- 1994 1993 1994 1993 ---------- ---------- ---------- ---------- NET OPERATING REVENUES $ 4,342 $ 3,899 $ 7,694 $ 6,955 Cost of goods sold 1,667 1,464 2,909 2,557 ---------- ---------- ---------- ---------- GROSS PROFIT 2,675 2,435 4,785 4,398 Selling, administrative and general expenses 1,605 1,476 2,943 2,762 ---------- ---------- ---------- ---------- OPERATING INCOME 1,070 959 1,842 1,636 Interest income 44 32 79 67 Interest expense 50 40 93 86 Equity income 57 39 64 68 Other deductions - net 14 10 25 49 ---------- ---------- ---------- ---------- INCOME BEFORE INCOME TAXES AND CHANGE IN ACCOUNTING PRINCIPLE 1,107 980 1,867 1,636 Income taxes 349 302 588 504 ---------- ---------- ---------- ---------- INCOME BEFORE CHANGE IN ACCOUNTING PRINCIPLE 758 678 1,279 1,132 Transition effect of change in accounting for postemployment benefits -- -- -- (12) ---------- ---------- ---------- ---------- NET INCOME $ 758 $ 678 $ 1,279 $ 1,120 ========== ========== ========== ========== INCOME PER SHARE Before change in accounting principle $ .59 $ .52 $ .99 $ .87 Transition effect of change in accounting for postemployment benefits -- -- -- (.01) ---------- ---------- ---------- ---------- NET INCOME PER SHARE $ .59 $ .52 $ .99 $ .86 ========== ========== ========== ========== DIVIDENDS PER SHARE $ .195 $ .170 $ .39 $ .34 ========== ========== ========== ========== AVERAGE SHARES OUTSTANDING 1,292 1,303 1,294 1,304 ========== ========== ========== ========== See Notes to Condensed Consolidated Financial Statements.
THE COCA-COLA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In millions)
Six Months Ended June 30, --------------------------- 1994 1993 ---------- ---------- OPERATING ACTIVITIES Net income $ 1,279 $ 1,120 Transition effect of change in accounting principle -- 12 Depreciation and amortization 193 173 Deferred income taxes 16 (19) Equity income, net of dividends 59 (36) Foreign currency adjustments (3) (10) Other noncash items 22 12 Net change in operating assets and liabilities (310) (242) ----------- ----------- Net cash provided by operating activities 1,256 1,010 ----------- ----------- INVESTING ACTIVITIES Additions to finance subsidiary receivables (59) (26) Collections of finance subsidiary receivables 16 23 Acquisitions and investments in affiliated businesses (151) (337) Purchases of securities (235) (261) Proceeds from disposals of securities and other assets 225 525 Purchases of property, plant and equipment (364) (398) Proceeds from disposals of property, plant and equipment 27 24 Other investing activities (10) (14) ----------- ----------- Net cash used in investing activities (551) (464) ----------- ----------- Net cash provided by operations after reinvestment 705 546 ----------- ----------- FINANCING ACTIVITIES Issuances of debt 360 436 Payments of debt (28) (267) Issuances of stock 41 121 Purchases of stock for treasury (402) (436) Dividends (470) (422) ----------- ----------- Net cash used in financing activities (499) (568) ----------- ----------- EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 17 (1) ----------- ----------- CASH AND CASH EQUIVALENTS Net increase (decrease) during the period 223 (23) Balance at beginning of period 998 956 ----------- ----------- Balance at end of period $ 1,221 $ 933 =========== =========== INTEREST PAID $ 98 $ 96 =========== =========== INCOME TAXES PAID $ 570 $ 314 =========== =========== See Notes to Condensed Consolidated Financial Statements.
THE COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE A - BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. They do not include all information and notes required by generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the notes to consolidated financial statements included in the Annual Report on Form 10-K of The Coca-Cola Company (the Company) for the year ended December 31, 1993. In the opinion of Management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six month period ended June 30, 1994, are not necessarily indicative of the results that may be expected for the year ending December 31, 1994. The Company adopted Statement of Financial Accounting Standards No. 115, Accounting for Certain Investments in Debt and Equity Securities (SFAS 115) as of January 1, 1994. The Company recorded an increase to share-owners' equity of $60 million from the adoption of SFAS 115. The Company filed a Form 8-K on January 27, 1994, restating the 1993 quarterly reports for the adoption of Statement of Financial Accounting Standards No. 112, Employers' Accounting for Postemployment Benefits (SFAS 112) as of January 1, 1993. Results for the first quarter of 1993 were restated to include the recognition of a one-time, noncash, after-tax charge of $12 million which is net of income tax benefits of $8 million. The transition effect charge consists primarily of health benefits for surviving spouses and disabled employees. The adoption impact of SFAS 112 on the Company's bottling investees accounted for by the equity method was immaterial and, therefore, was not included in the transition effect charge. Net income per share for the first quarter of 1993 was reduced by $0.01 for the adoption of SFAS 112. Certain amounts in the 1993 condensed consolidated financial statements have been reclassified to conform to the current year presentation. NOTE B - SEASONAL NATURE OF BUSINESS Unit sales of the Company's soft drink products are generally greater in the second and third quarters due to seasonal factors. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE C - INVENTORIES Inventories consist of the following (in millions):
June 30, December 31, 1994 1993 ----------- ----------- Raw materials and supplies $ 767 $ 689 Work in process 10 4 Finished goods 389 356 ----------- ----------- $ 1,166 $ 1,049 =========== ===========
NOTE D - SUMMARIZED INCOME STATEMENT DATA OF COCA-COLA ENTERPRISES INC. At June 30, 1994 and 1993, the Company owned approximately 43 percent of the outstanding common stock of Coca-Cola Enterprises Inc. (Coca-Cola Enterprises) and, accordingly, accounted for its related investment therein under the equity method of accounting. Coca-Cola Enterprises meets the definition of a significant equity investee as defined by Rule 3-09 of Regulation S-X. Summarized income statement data for Coca-Cola Enterprises is as follows (in millions):
Three Months Ended Six Months Ended ------------------------ ------------------------ July 1, July 2, July 1, July 2, 1994 1993 1994 1993 ---------- ---------- ---------- ---------- Net operating revenues $ 1,610 $ 1,448 $ 2,929 $ 2,656 Gross profit 623 556 1,143 1,033 Net income 38 16 32 12 Net income available to common share owners 38 16 31 12
NOTE E - SHARE REPURCHASE PROGRAM Under its share repurchase program, the Company purchased approximately 6 million shares of its common stock in the second quarter and approximately 10 million shares for the six months ended June 30, 1994. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE F - FINANCIAL INSTRUMENTS As discussed in Note A, the Company adopted SFAS 115 at January 1, 1994, changing the method of accounting for certain debt and marketable equity security investments from a historical cost basis to a fair value approach. Under SFAS 115, investments in debt and marketable equity securities, other than investments accounted for by the equity method, are categorized as either trading securities, securities available-for-sale or securities held-to- maturity. At January 1, 1994, the Company had no trading securities. Securities categorized as available-for-sale are stated at fair value, with unrealized gains and losses, net of deferred taxes, reported in share-owners' equity. Debt securities categorized as held-to-maturity are stated at amortized cost. Available-for-sale and held-to-maturity securities, at January 1, 1994, consisted of the following (in millions):
Gross Gross Estimated Unrealized Unrealized Fair Cost Gains Losses Value ---------- ---------- ---------- ---------- Available-for-sale securities Equity securities $ 43 $ 103 $ -- $ 146 Collateralized mortgage obligations 105 1 -- 106 Other debt securities 36 -- -- 36 ---------- ---------- ---------- ---------- Total $ 184 $ 104 $ -- $ 288 ========== ========== ========== ========== Held-to-maturity securities Bank and corporate debt $ 1,008 $ -- $ 2 $ 1,006 Other securities 124 -- 1 123 ---------- ---------- ---------- ---------- Total $ 1,132 $ -- $ 3 $ 1,129 ========== ========== ========== ==========
These investments were included in the following captions on the condensed consolidated balance sheet (in millions):
January 1, 1994 ---------------------- Available- Held-to- for-Sale Maturity Securities Securities ---------- ---------- Cash and cash equivalents $ -- $ 777 Marketable securities 93 9 Cost method investments in affiliated businesses 84 -- Marketable securities and other assets 111 346 ----------- ----------- $ 288 $ 1,132 =========== ===========
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) The contractual maturities of these investments as of January 1, 1994, were as follows (in millions): Available-for-Sale Securities Held-to-Maturity Securities ----------------------------- --------------------------- Amortized Fair Amortized Fair Cost Value Cost Value ----- ----- ----- ----- 1994 $ 34 $ 34 $ 786 $ 786 1995 - 1998 2 2 326 323 After 1998 -- -- 20 20 ---- ---- ------ ------ 36 36 1,132 1,129 Collateralized mortgage obligations 105 106 -- -- Equity securities 43 146 -- -- ---- ---- ------ ------ Total $184 $288 $1,132 $1,129 ==== ==== ====== ====== NOTE G - CONTINGENCIES In March 1994, the Tokyo Regional Taxation Bureau in Japan issued an assessment alleging that royalties paid by a wholly-owned subsidiary of the Company were in excess of an arm's length price during fiscal years 1990, 1991 and 1992. The Company strongly disagrees with the assessment. This matter is being reviewed by the United States and Japanese tax authorities under the treaty signed by the two nations to prevent double taxation. If upheld, the assessment would require the Company to pay additional taxes in Japan. The Company has been granted suspension of enforcement against payment of the tax while this matter is under consideration by United States and Japanese tax authorities. This suspension of enforcement is supported by a bank guarantee by Mitsubishi Bank, Limited. The Company has agreed to indemnify Mitsubishi if amounts are paid pursuant to the guarantee. Any additional tax liability in Japan should be offset by tax credits in the United States and would not adversely affect earnings. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations RESULTS OF OPERATIONS VOLUME SOFT DRINKS: Worldwide unit case volume increased 7 percent in both the second quarter and for the first six months of 1994 when compared to 1993. Worldwide gallon shipments of soft drink concentrates and syrups also grew 7 percent in both the second quarter and for the first six months of the year. In the North America sector, unit case volume sold to retail customers grew 6 percent in the second quarter, including an increase of 6 percent in the United States. The continuing strong unit case volume gains in the United States resulted from increases in the Company's core brands, which benefited from the ongoing introduction of the "contour" package for Coca-Cola classic and diet Coke, and the Sprite advertising campaign. Volume also rose from sales of new products, such as PowerAde, Nestea and Minute Maid Juices To Go. Continued focus on programs designed to increase customer volume and profit also contributed to second quarter results. North American gallon shipments of concentrates and syrups to bottlers and distributors increased 7 percent for the second quarter, including growth of 8 percent in the United States. For the year to date, North American gallon shipments rose 9 percent, including a 9 percent increase in the United States. Unit case volume in North America grew 6 percent for the year to date, including 6 percent growth in the United States. International unit case volume increased 7 percent and gallon shipments grew 8 percent in the second quarter. International unit case volume increases in the second quarter were led by a 32 percent increase in the Northeast Europe/Middle East Group, which comes on top of 25 percent growth in the prior year. Second quarter unit case volume in the Middle East Division, the East Central European Division and the Nordic and Northern Eurasia Division advanced 29 percent, 11 percent and 6 percent, respectively. In Egypt, unit case volume grew 40 percent in the second quarter as a result of increased efficiencies in the distribution system. Gallon shipments increased 27 percent in the second quarter in the Northeast Europe/Middle East Group. For the year to date, unit case volume and gallon shipments increased 32 percent and 22 percent, respectively. In the Latin America Group, unit case volume grew 9 percent in the second quarter, led by gains of 12 percent in Chile, 12 percent in Mexico, and 13 percent in Argentina; growth was partially offset by a 2 percent decline in Brazil, where consumers continue to experience a lack of purchasing power due to a difficult economic environment. The gain in Latin America resulted from aggressive system investment in volume building activities such as new packaging initiatives and focused brand promotions. Gallon shipments in the Latin America Group increased 6 percent in the second quarter of 1994. For the year to date, unit case volume and gallon shipments both grew 7 percent in the Latin America Group. RESULTS OF OPERATIONS (CONTINUED) Second quarter unit case volume in the Africa Group was even with the prior year due to a difficult economic environment and social unrest in several key markets. Gallon shipments in the Africa Group for the quarter increased 5 percent. Unit case volume decreased 1 percent and gallon shipments declined 7 percent in the Africa Group for the first six months of the year. Unit case volume in the Pacific Group grew 7 percent in the second quarter, driven by a 25 percent increase in China and a 15 percent increase in Thailand. Unit case volume increased 1 percent in Japan, impacted by a difficult comparison to a 10 percent increase in the prior year. Gallon shipments in the Pacific Group increased 11 percent in the second quarter. For the first six months of the year, unit case volume grew 8 percent and gallon shipments increased 9 percent in the Pacific Group. In the European Community Group, unit case volume in the second quarter was even with the prior year. Unit case volume grew 7 percent in Spain, offset by unit case volume declines of 4 percent in Germany and Italy due to tough economic conditions. Gallon shipments in the European Community Group were even in the second quarter versus the prior year. For the year to date in the European Community Group, unit case volume increased 1 percent and gallon shipments declined 1 percent. FOODS: At Coca-Cola Foods, unit volume increased 2 percent in the second quarter, impacted by a difficult comparison to a 15 percent increase in the second quarter of 1993. Unit volume grew 3 percent for the first six months of the year. NET OPERATING REVENUES AND GROSS MARGIN Net operating revenues in the second quarter and the first six months of 1994 increased 11 percent, primarily due to increased soft drink gallon shipments, selected price increases and continued expansion of the Company's bottling and canning operations. The Company's gross margin was 62 percent in the second quarter of 1994 and 1993. The Company's gross margin decreased to 62 percent in the first six months of 1994 as compared to 63 percent in the first six months of 1993. The decrease in gross margin for the first six months of 1994 was due primarily to re-entry into the South African market, a change in product mix for certain international locations and higher sweetener costs. SELLING, ADMINISTRATIVE AND GENERAL EXPENSES Selling expenses were $1.3 billion in the second quarter of 1994, compared to $1.2 billion in the second quarter of 1993. For the first six months of the year, selling expenses were $2.4 billion, 10 percent greater than the same period in 1993. The increase was primarily due to higher marketing investments in support of the Company's volume growth. RESULTS OF OPERATIONS (CONTINUED) Administrative and general expenses were $296 million in the second quarter, a 2 percent decrease from the second quarter of 1993. For the first six months of 1994, administrative and general expenses were $582 million, a 7 percent decrease from the comparable period of the prior year. The decreases on a quarterly and year to date basis were due primarily to a reduction in the costs of stock-related employee benefits and increased efficiencies in the Company's worldwide operations. OPERATING INCOME AND OPERATING MARGIN Operating income for the second quarter of 1994 increased to $1.1 billion, a 12 percent increase over the second quarter of 1993. For the first six months of 1994, operating income increased 13 percent, to $1.8 billion. The operating margin for the first six months of 1994 increased to 23.9 percent from 23.5 percent in the comparable period in 1993, due primarily to the benefit derived from reductions in administrative and general expenses. INTEREST INCOME AND INTEREST EXPENSE Interest income increased in the second quarter and for the first six months of 1994 relative to the comparable periods in 1993, due primarily to rising interest rates and higher average outstanding cash equivalents and marketable securities balances. Interest expense increased in the second quarter and for the first six months of 1994 relative to the comparable periods in 1993, due primarily to rising interest rates and higher average borrowings in 1994. EQUITY INCOME Equity income for the second quarter totaled $57 million, compared to $39 million in the second quarter of 1993. The increase was due primarily to increased earnings from Coca-Cola Enterprises and Coca-Cola & Schweppes Beverages. For the first six months of 1994 equity income totaled $64 million, compared to $68 million for the same period in 1993. The decrease was due primarily to lower earnings from Coca-Cola Amatil Limited partially offset by increased earnings from Coca-Cola Enterprises and Coca-Cola & Schweppes Beverages. INCOME TAXES The Company's effective tax rate during the second quarter of 1994, when compared to the second quarter of the prior year, increased to 31.5 percent from 30.8 percent. The increase reflects the impact of the increase in the Corporate tax rate due to the change in the U.S. tax law and a reduction in the Company's favorable U.S. tax treatment from manufacturing facilities in Puerto Rico. TRANSITION EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE As mentioned in Note A, the Company retroactively adopted SFAS 112, Employers' Accounting for Postemployment Benefits, as of January 1, 1993. SFAS 112 requires employers to accrue the costs of benefits to former or inactive employees after employment, but before retirement. In the first quarter of 1993 the Company recorded an accumulated obligation of $12 million, which is net of deferred taxes of $8 million. RESULTS OF OPERATIONS (CONTINUED) NET INCOME Net income per share increased at a slightly higher rate than net income due to the Company's share repurchase program. FINANCIAL CONDITION NET CASH FLOW PROVIDED BY OPERATIONS AFTER REINVESTMENT In the first six months of 1994, net cash flow after reinvestment totaled $705 million, a 29 percent increase over the comparable period in 1993. Net cash provided by operating activities increased in 1994 due primarily to higher net income and increased dividends from equity method investments. Reinvestment in the form of property, plant and equipment, the primary use of cash for investing activities, was $364 million for the first six months of 1994. The increase in trade accounts receivable, prepaid expenses, accounts payable and accrued expenses was due primarily to seasonal factors in the soft drink business. The increase in current marketable securities is due in part to the Company's adoption of SFAS 115 and additional investments in securities purchased in accordance with the negotiated tax exemption grant for the Company's manufacturing facilities in Puerto Rico. FINANCING Financing activities primarily represent the Company's net borrowing activities, dividend payments and share repurchases. Cash used in financing activities totaled $499 million for the first six months of 1994, a 12 percent decrease from the comparable period of the prior year. Net borrowings were $332 million in the first six months of 1994, compared to $169 million in the first six months of 1993. Net borrowings were used primarily to finance share repurchases. Cash used for share repurchases decreased to $402 million, compared to $436 million in the comparable period in 1993. Cash dividends increased due to the increase in dividends per share to $.39 per share for the first six months of 1994, compared to $.34 per share for the comparable period in 1993. EXCHANGE International operations are subject to certain opportunities and risks, including currency fluctuations and governmental actions. The Company closely monitors its methods of operating in each country and adopts appropriate strategies responsive to each environment. On a weighted average basis, the U.S. dollar was approximately 1 percent stronger during the first six months of 1994 versus key hard currencies for the comparable period of the prior year. Part II. Other Information Item 6. Exhibits and Reports on Form 8-K (a) Exhibits: 3 - Bylaws of the Registrant As in Effect Since April 15, 1993 12 - Computation of Ratios of Earnings to Fixed Charges (b) Reports on Form 8-K: No report on Form 8-K has been filed during the quarter for which this report is filed. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. THE COCA-COLA COMPANY (REGISTRANT) Date: August 10, 1994 By: /s/ Gary P. Fayard -------------------------- Gary P. Fayard Vice President and Controller (On behalf of the Registrant and as Chief Accounting Officer) EXHIBIT INDEX Exhibit Number and Description 3 - Bylaws of the Registrant As in Effect Since April 15, 1993 12 - Computation of Ratios of Earnings to Fixed Charges